Facebook CEO reveals the reason behind spending Rs 43,574 crore on Reliance Jio
Back in April, social media giant Facebook acquired 9.99% equity stake in Jio Platforms by spending Rs 43,574. This partnership agreement is aimed to promote Reliance Retail’s new commerce business on the JioMart platform using WhatsApp. Having said that Facebook CEO Mark Zuckerberg has now revealed that there is more to it than just supporting small businesses in India on WhatsApp. Facebook wants to convert the huge user base of WhatsApp in India into something more beneficial for the company. While it is looking at ways to make money out of WhatsApp, Zuckerberg thinks enabling users to do business on WhatsApp will help accelerate the plan. Zuckerberg told analysts that a big part of this deal is supposed to get many small businesses in India to do business on WhatsApp. Jio will simply help WhatsApp to get those small businesses interested in using WhatsApp for commercial purposes. “We’re really excited about the opportunity there. And once we prove that out with Jio in India, we’re planning on expanding it to more folks in India and to other countries as well,” Zukcerberg told analysts. The Jio and WhatsApp deal is more like an experiment and Zuckerberg thinks that if he can get India to use WhatsApp for regular grocery shopping then there is a possibility of a global success as well. Not just that. Facebook’s plans to launch WhatsApp payments globally will also get a significant boost. “It’s very connected to what I was just talking about around messaging commerce. A lot of people use WhatsApp, especially in India, there’s a huge opportunity to enable small businesses and individuals in India to buy and sell things through WhatsApp. We want to enable that. That starts with enabling payments,” said Zuckerberg.